Risk and Regulation of Islamic Banking
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Risk and Regulation of Islamic Banking

Edited by Mervyn K. Lewis, Mohamed Ariff and Shamsher Mohamad

From a single product offering in 1963, the Islamic financial services industry has grown to an estimated $1.6 trillion in assets. Products must comply with profit and risk-sharing criteria and regulations preventing banks from venturing into activities with high risk and excessive uncertainty. This timely volume analyses these matters and considers the range of new products, discussing both conceptual and practical dimensions. It connects Islamic finance to the mainstream theoretical literature on financial intermediation while also exploring its differences. The expert contributors also examine why an ethical foundation is important and why the system requires well-thought-out regulations to ensure outcomes that protect the community’s well-being.
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Chapter 15: Islamic finance in Australia

Michael T. Skully


Once ‘Islamic finance in Australia’ could have been covered in a very short paper. Other than informal examples operating from local mosques, there would be little if anything to discuss. The position now may not appear much different, but there is some progress and its potential has certainly awakened both the government and finance industry. This chapter reports on the current position. It starts by noting the small but growing importance of Islam within Australia. It then identifies our few local specialist Islamic finance providers, mentions some modest Islamic efforts by our commercial banks and explains some promising developments in the fund management industry. Consideration is then given to the potential prudential regulation, commercial and other laws and taxation issues facing Islamic finance before concluding with some comments on the potential for Islamic finance in Australia.

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